James A. Edmiston, President and CEO of Harvest, said, "In spite of the consistent, profitable growth of Petrodelta, Harvest has not received the corresponding dividends from free cash flow required to fund our diversification strategy. So, while our exploration programs have yielded significant success in Utah, Gabon and Indonesia, our uncompetitive cost of capital has placed our future growth possibilities at a distinct disadvantage. This proposed sale and spin-off affords the Company and its shareholders the ability to reap the benefits of our exceptional portfolio in the near term."
Harvest will hold a conference call at
2:00 p.m. Central Daylight Time on Thursday
, September 12, 2013, during which management will discuss the proposed transaction. The conference leader will be
James A. Edmiston
, President and Chief Executive Officer. To access the conference call, dial 800-344-6698 or 785-830-7979, five to ten minutes prior to the start time. At that time you will be asked to provide the conference number, which is 3073565. A recording of the conference call will also be available for replay at 719-457-0820, passcode 3073565 through
September 17, 2013
The conference call will also be transmitted over the internet through the Company's website at
. To listen to the live webcast, enter the website fifteen minutes before the call to register, download and install any necessary audio software. For those who cannot listen to the live broadcast, a replay of the webcast will be available beginning shortly after the call and will remain on the website for approximately 90 days.
About Harvest Natural Resources:
Harvest Natural Resources, Inc., headquartered in
, is an independent energy company with principal operations in
, exploration assets in
and business development offices in
and the United Kingdom. For more information visit the Company's website at
Stephen C. Haynes
Vice President, Chief Financial Officer(281) 899-5716
This press release may contain projections and other forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. They include estimates and timing of expected oil and gas production, oil and gas reserve projections of future oil pricing, future expenses, planned capital expenditures, anticipated cash flow, timing and certainty of future transactions and our business strategy. All statements other than statements of historical facts may constitute forward-looking statements. Although Harvest believes that the expectations reflected in such forward-looking statements are reasonable, it can give no assurance that such expectations will prove to have been correct. Actual results may differ materially from Harvest's expectations as a result of factors discussed in Harvest's 2012 Annual Report on Form 10-K and other public filings.